Reynolds 2000 Limited - Limited company accounts 20.1
Reynolds 2000 Limited - Limited company accounts 20.1
| REGISTERED NUMBER: 03873947 (England and Wales) |
| Group Strategic Report, Report of the Directors and |
| Consolidated Financial Statements for the Year Ended 30 September 2021 |
| for |
| Reynolds 2000 Limited |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 30 September 2021 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Consolidated Income Statement | 10 |
| Consolidated Other Comprehensive Income | 11 |
| Consolidated Statement of Financial Position | 12 |
| Company Statement of Financial Position | 14 |
| Consolidated Statement of Changes in Equity | 16 |
| Company Statement of Changes in Equity | 17 |
| Consolidated Statement of Cash Flows | 18 |
| Notes to the Consolidated Statement of Cash Flows | 19 |
| Notes to the Consolidated Financial Statements | 21 |
| Reynolds 2000 Limited |
| Company Information |
| for the Year Ended 30 September 2021 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| INDEPENDENT AUDITORS: |
| Chartered Accountants and Statutory Auditors |
| Suite 1 |
| The Riverside Building |
| Hessle |
| East Yorkshire |
| HU13 0DZ |
| SOLICITORS: |
| Queens Gardens |
| Hull |
| HU1 3DZ |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Group Strategic Report |
| for the Year Ended 30 September 2021 |
| The directors present their strategic report of the company and the group for the year ended 30 September 2021. |
| REVIEW OF BUSINESS |
| The key financial highlights of the group are as follows :- |
| 12m | 12m | 12m | 12m |
| 2021 | 2020 | 2019 | 2018 |
| £ | £ | £ | £ |
| Group Turnover | 32,541,378 | 25,456,318 | 17,415,135 | 17,296,181 |
| Profit before Tax | 3,325,065 | 2,386,707 | 1,203,353 | 855,939 |
| Profit before Tax margin | 10% | 9% | 7% | 5% |
| The directors are delighted to report increases in both turnover and profitability for the trading period. |
| The expected increases are as a direct result of the structured sustainable growth plan initiated and developed by the directors and staff over the years. The growth in turnover reflects the success of the execution of the business development and marketing plan. The increase in profitability demonstrates the success of the most important component of the plan being the development and engagement of staff throughout the business. |
| In relation to the worldwide Covid-19 pandemic, we are pleased to report that the group traded in a socially distant manner with the interest of employees, customers and the general public as our utmost priority. We are also pleased to report that we have not needed to make use of any of the government support available to businesses during this period of crisis and have continued to meet all of our liabilities as they fell due. |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Group Strategic Report |
| for the Year Ended 30 September 2021 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The company's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these functions is to raise funds and finance the company's operations. |
| Price risk |
| The company provides the leasing of assets and also rental of commercial property. This risk is managed by ensuring its prices and rates are updated to take into account any fluctuations within the market. |
| Credit risk |
| Credit checks are carried out on all customers. Amounts outstanding for both time and credit limits are regularly monitored. The company has little experience of material bad debts in general. |
| Liquidity risk |
| The company's liquidity risk is managed by ensuring sufficient funds are available to meet amounts due and does not consider that liquidity poses a risk. |
| Interest rate and cash flow risk |
| The company had a favourable cash balance during the year and therefore does not consider that interest rates or cash flow pose a significant risk. |
| ON BEHALF OF THE BOARD: |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Report of the Directors |
| for the Year Ended 30 September 2021 |
| The directors present their report with the financial statements of the company for the period 1 October 2020 to 30 September 2021. |
| PRINCIPAL ACTIVITIES |
| The principal activities of the group in the year under review were those of civil engineers and building contractors, property rental, lease of plant and equipment, and a holding company. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 30 September 2021. |
| RESEARCH AND DEVELOPMENT |
| The company are constantly looking for innovative civil engineering methods, they are therefore carrying out multiple research and development activities. |
| FUTURE DEVELOPMENTS |
| The company intends to maintain its policy of steady organic growth whilst still attempting to remain competitive in the current market. |
| DIRECTORS |
| The directors during the year under review were: |
| The beneficial interests of the directors holding office on 30 September 2021 in the issued share capital of the company were as follows: |
| 30.9.21 | 1.10.20 |
| Ordinary £1 shares |
| 15,299 | 15,299 |
| 14,701 | 14,701 |
| - | - |
| FINANCIAL INSTRUMENTS AND RISK MANAGEMENT |
| These details can be viewed on the strategic report. |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Report of the Directors |
| for the Year Ended 30 September 2021 |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| AUDITORS |
| The auditors, Harris Lacey and Swain, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Reynolds 2000 Limited |
| Opinion |
| We have audited the financial statements of Reynolds 2000 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2021 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2021 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| An overview of the scope of our audit |
| An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the directors report and strategic report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. |
| Report of the Independent Auditors to the Members of |
| Reynolds 2000 Limited |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| Reynolds 2000 Limited |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
| Identifying and assessing potential risks related to irregularities |
| In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
| Audit response to risks identified |
| - the nature of the industry and sector, control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets |
| - results of our enquiries of management and their own identification and assessment of the risks of irregularities; |
| - any matters we identified having obtained and reviewed the companies' documentation of their policies and procedures relating to: |
| - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; |
| - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
| - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
| - the matters discussed among the audit engagement team including regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
| As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue deferrals. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
| We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK Corporate Governance Code and local tax legislation. |
| In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. |
| Audit response to risks identified |
| Our procedures to respond to risks identified included the following: |
| - reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
| - enquiring of management concerning actual and potential litigation and claims; |
| - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
| - reading minutes of meetings of those charged with governance |
| Report of the Independent Auditors to the Members of |
| Reynolds 2000 Limited |
| - obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and |
| - in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
| We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Accountants and Statutory Auditors |
| Suite 1 |
| The Riverside Building |
| Hessle |
| East Yorkshire |
| HU13 0DZ |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Consolidated |
| Income Statement |
| for the Year Ended 30 September 2021 |
| 2021 | 2020 |
| Notes | £ | £ |
| TURNOVER | 32,541,378 | 25,456,318 |
| Cost of sales | 27,539,505 | 21,128,657 |
| GROSS PROFIT | 5,001,873 | 4,327,661 |
| Administrative expenses | 1,922,755 | 2,139,800 |
| 3,079,118 | 2,187,861 |
| Other operating income | 169,488 | 140,878 |
| GROUP OPERATING PROFIT | 4 | 3,248,606 | 2,328,739 |
| Share of operating profit in |
| Associates | 74,166 | 50,304 |
| Interest receivable and similar income | 8,355 | 15,459 |
| 3,331,127 | 2,394,502 |
| Interest payable and similar expenses | 5 | 6,062 | 7,795 |
| PROFIT BEFORE TAXATION | 3,325,065 | 2,386,707 |
| Tax on profit | 6 | 461,007 | 450,258 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 2,630,743 | 1,769,655 |
| Non-controlling interests | 233,315 | 166,794 |
| 2,864,058 | 1,936,449 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Consolidated |
| Other Comprehensive Income |
| for the Year Ended 30 September 2021 |
| 2021 | 2020 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 2,864,058 | 1,936,449 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
2,864,058 |
1,936,449 |
| Total comprehensive income attributable to: |
| Owners of the parent | 2,630,743 | 1,769,655 |
| Non-controlling interests | 233,315 | 166,794 |
| 2,864,058 | 1,936,449 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Consolidated Statement of Financial Position |
| 30 September 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 9 | - | - |
| Tangible assets | 10 | 523,608 | 610,629 |
| Investments | 11 |
| Interest in associate | 268,435 | 194,269 |
| Investment property | 12 | 1,436,556 | 1,436,556 |
| 2,228,599 | 2,241,454 |
| CURRENT ASSETS |
| Stocks | 13 | 736,567 | 1,373,633 |
| Debtors | 14 | 8,277,250 | 7,887,236 |
| Investments | 15 | 739,600 | 539,600 |
| Cash at bank and in hand | 10,688,878 | 6,090,077 |
| 20,442,295 | 15,890,546 |
| CREDITORS |
| Amounts falling due within one year | 16 | 7,619,826 | 5,791,781 |
| NET CURRENT ASSETS | 12,822,469 | 10,098,765 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
15,051,068 |
12,340,219 |
| CREDITORS |
| Amounts falling due after more than one year | 17 | (34,720 | ) | (45,944 | ) |
| PROVISIONS FOR LIABILITIES | 20 | (23,482 | ) | (40,468 | ) |
| NET ASSETS | 14,992,866 | 12,253,807 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Consolidated Statement of Financial Position - continued |
| 30 September 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital | 21 | 30,000 | 30,000 |
| Revaluation reserve | 22 | 551,099 | 551,099 |
| Fair value reserve | 22 | 29,439 | 29,439 |
| Retained earnings | 22 | 14,013,998 | 11,383,255 |
| SHAREHOLDERS' FUNDS | 14,624,536 | 11,993,793 |
| NON-CONTROLLING INTERESTS | 23 | 368,330 | 260,014 |
| TOTAL EQUITY | 14,992,866 | 12,253,807 |
| The financial statements were approved by the Board of Directors and authorised for issue on 15 March 2022 and were signed on its behalf by: |
| Mr C Reynolds - Director |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Company Statement of Financial Position |
| 30 September 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 9 |
| Tangible assets | 10 |
| Investments | 11 |
| Investment property | 12 |
| CURRENT ASSETS |
| Stocks | 13 |
| Debtors | 14 |
| Investments | 15 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 16 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 17 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
| NET ASSETS |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Company Statement of Financial Position - continued |
| 30 September 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital | 21 |
| Revaluation reserve | 22 |
| Fair value reserve | 22 |
| Retained earnings | 22 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 1,508,998 | 218,207 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 30 September 2021 |
| Called up |
| share | Retained | Revaluation |
| capital | earnings | reserve |
| £ | £ | £ |
| Balance at 1 October 2019 | 30,000 | 9,501,793 | 551,099 |
| As restated | 30,000 | 9,501,793 | 551,099 |
| Changes in equity |
| Dividends | - | (50,000 | ) | - |
| Total comprehensive income | - | 1,931,462 | - |
| Balance at 30 September 2020 | 30,000 | 11,383,255 | 551,099 |
| Changes in equity |
| Total comprehensive income | - | 2,630,743 | - |
| Balance at 30 September 2021 | 30,000 | 14,013,998 | 551,099 |
| Fair |
| value | Non-controlling | Total |
| reserve | Total | interests | equity |
| £ | £ | £ | £ |
| Balance at 1 October 2019 | 29,439 | 10,112,331 | 333,627 | 10,445,958 |
| Prior year adjustment | - | - | (161,807 | ) | (161,807 | ) |
| As restated | 29,439 | 10,112,331 | 171,820 | 10,284,151 |
| Changes in equity |
| Dividends | - | (50,000 | ) | (78,600 | ) | (128,600 | ) |
| Total comprehensive income | - | 1,931,462 | 166,794 | 2,098,256 |
| Balance at 30 September 2020 | 29,439 | 11,993,793 | 260,014 | 12,253,807 |
| Changes in equity |
| Dividends | - | - | (125,000 | ) | (125,000 | ) |
| Total comprehensive income | - | 2,630,743 | 233,315 | 2,864,058 |
| Balance at 30 September 2021 | 29,439 | 14,624,536 | 368,329 | 14,992,865 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Company Statement of Changes in Equity |
| for the Year Ended 30 September 2021 |
| Called up | Fair |
| share | Retained | Revaluation | value | Total |
| capital | earnings | reserve | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 October 2019 |
| Changes in equity |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - |
| Balance at 30 September 2020 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 30 September 2021 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Consolidated Statement of Cash Flows |
| for the Year Ended 30 September 2021 |
| 2021 | 2020 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 6,122,727 | 2,811,460 |
| Interest element of hire purchase payments paid |
(6,062 |
) |
(7,795 |
) |
| Tax paid | (274,128 | ) | (235,529 | ) |
| Net cash from operating activities | 5,842,537 | 2,568,136 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (44,541 | ) | (98,996 | ) |
| Purchase of fixed asset investments | (74,166 | ) | (50,404 | ) |
| Sale of tangible fixed assets | 62,700 | 19,150 |
| Purchase of current asset investments | (200,000 | ) | (500,000 | ) |
| Interest received | 8,355 | 15,459 |
| Net cash from investing activities | (247,652 | ) | (614,791 | ) |
| Cash flows from financing activities |
| Capital repayments in year | (32,264 | ) | (11,651 | ) |
| Amount advanced/(withdrawn) by directors | (838,820 | ) | (29,357 | ) |
| Dividends paid to minorities | (125,000 | ) | (78,600 | ) |
| Equity dividends paid | - | (50,000 | ) |
| Net cash from financing activities | (996,084 | ) | (169,608 | ) |
| Increase in cash and cash equivalents | 4,598,801 | 1,783,737 |
| Cash and cash equivalents at beginning of year |
2 |
6,090,077 |
4,306,340 |
| Cash and cash equivalents at end of year | 2 | 10,688,878 | 6,090,077 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Statement of Cash Flows |
| for the Year Ended 30 September 2021 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2021 | 2020 |
| £ | £ |
| Profit before taxation | 3,325,065 | 2,386,707 |
| Depreciation charges | 131,562 | 136,208 |
| Profit on disposal of fixed assets | (62,700 | ) | (10,272 | ) |
| Finance costs | 6,062 | 7,795 |
| Finance income | (8,355 | ) | (15,459 | ) |
| 3,391,634 | 2,504,979 |
| Decrease in stocks | 637,066 | 704,984 |
| Decrease/(increase) in trade and other debtors | 447,480 | (2,189,708 | ) |
| Increase in trade and other creditors | 1,646,547 | 1,791,205 |
| Cash generated from operations | 6,122,727 | 2,811,460 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 30 September 2021 |
| 30.9.21 | 1.10.20 |
| £ | £ |
| Cash and cash equivalents | 10,688,878 | 6,090,077 |
| Year ended 30 September 2020 |
| 30.9.20 | 1.10.19 |
| £ | £ |
| Cash and cash equivalents | 6,090,077 | 4,306,340 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Statement of Cash Flows |
| for the Year Ended 30 September 2021 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.10.20 | Cash flow | At 30.9.21 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 6,090,077 | 4,598,801 | 10,688,878 |
| 6,090,077 | 4,598,801 | 10,688,878 |
| Liquid resources |
| Current asset investments | 539,600 | 200,000 | 739,600 |
| 539,600 | 200,000 | 739,600 |
| Debt |
| Finance leases | (96,258 | ) | 32,264 | (63,994 | ) |
| (96,258 | ) | 32,264 | (63,994 | ) |
| Total | 6,533,419 | 4,831,065 | 11,364,484 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 30 September 2021 |
| 1. | STATUTORY INFORMATION |
| Reynolds 2000 Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
| Significant judgements and estimates |
| The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of the estimation means the actual outcomes could differ from those estimates. |
| The following judgements (apart from those involving estimates) have had the most significant impact on amounts recognised in the financial statements. |
| Revenue recognition |
| The percentage of completion method and the determination of revenues to recognise on claims and variations to contracts are reliant on estimates in particular in respect of future expected costs and revenues. The company reviews the appropriateness of assumptions made on a regular basis. |
| Turnover |
| Construction contracts |
| Contract revenue includes the initial amount agreed in the contract plus any variations in contract work, claims and incentive payments to the extent that it is probable that the will result in revenue and can be measured reliably. As soon as the outcome of a construction contract can be estimated reliably, contract revenue and contract cost are recognised in the profit and loss in proportion to the stage of completion of the contract. Contract expenses are recognised as incurred unless they create an asset related to future contract activity. |
| The stage of completion is assessed by reference to the proportion that contract costs incurred for work performed to date bear to the the estimated total contract costs. When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised only to the extent of contract costs incurred that are likely to be recoverable. An expected loss on a contract is recognised immediately in the profit and loss. |
| Work done on long term contracts has been prepared in accordance with FRS 102. |
| Goods sold and services rendered |
| Revenue from sale of goods is measured at fair value of the consideration received or receivable and is recognised in the profit and loss when the significant risks and rewards of ownership have been transferred to the buyer. It is stated after trade discounts, other sales taxes and excluding value added tax. |
| Goodwill |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Motor vehicles | - |
| Investments in associates |
| Investments in associate undertakings are recognised at cost. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Stocks |
| Work in progress is valued at the lower of cost and net realisable value. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| The value of contract work in progress comprises the costs incurred on contracts plus an appropriate proportion of overheads and attributable profit. Fees invoiced on account are deducted from the value of work in progress and the balance is separately disclosed in trade and other receivables as amounts recoverable on contract, unless such fees exceed the value of the work in progress on any contract in which case the excess is separately disclosed in trade and other payables as fees invoiced in advance. |
| Financial instruments |
| Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initial at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less an impairment losses in the case of trade debtors. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| 2021 | 2020 |
| £ | £ |
| Wages and salaries | 2,280,732 | 2,550,818 |
| Other pension costs | 175,180 | 55,769 |
| 2,455,912 | 2,606,587 |
| The average number of employees during the year was as follows: |
| 2021 | 2020 |
| Production staff | 33 | 32 |
| Office staff | 20 | 19 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2021 |
| 3. | EMPLOYEES AND DIRECTORS - continued |
| The average number of employees by undertakings that were proportionately consolidated during the year was 53 (2020 - 51 ) . |
| 2021 | 2020 |
| £ | £ |
| Directors' remuneration | 145,514 | 384,399 |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 2 | 1 |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2021 | 2020 |
| £ | £ |
| Hire of plant and machinery | 3,022,004 | 2,525,653 |
| Depreciation - owned assets | 72,631 | 96,795 |
| Depreciation - assets on hire purchase contracts | 57,231 | 22,007 |
| Profit on disposal of fixed assets | (62,700 | ) | (10,272 | ) |
| Auditors' remuneration | 7,000 | 11,730 |
| Auditors' remuneration for non audit work | 3,251 | 2,000 |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2021 | 2020 |
| £ | £ |
| Hire purchase | 6,062 | 7,795 |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2021 | 2020 |
| £ | £ |
| Current tax: |
| UK corporation tax | 477,993 | 453,476 |
| Deferred tax | (16,986 | ) | (3,218 | ) |
| Tax on profit | 461,007 | 450,258 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2021 |
| 6. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2021 | 2020 |
| £ | £ |
| Profit before tax | 3,325,065 | 2,386,707 |
| Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2020 - 19 %) |
631,762 |
453,474 |
| Effects of: |
| Income not taxable for tax purposes | (14,091 | ) | (9,558 | ) |
| Depreciation in excess of capital allowances | 28,096 | 11,512 |
| Research and development claim | (156,184 | ) | - |
| (Profit)/loss on sale of assets | (11,590 | ) | (1,952 | ) |
| Deferred tax movement | (16,986 | ) | (3,218 | ) |
| Total tax charge | 461,007 | 450,258 |
| 7. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 8. | DIVIDENDS |
| 2021 | 2020 |
| £ | £ |
| Ordinary shares of £1 each |
| Interim | - | 50,000 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2021 |
| 9. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| At 1 October 2020 |
| and 30 September 2021 | 312,397 |
| AMORTISATION |
| At 1 October 2020 |
| and 30 September 2021 | 312,397 |
| NET BOOK VALUE |
| At 30 September 2021 | - |
| At 30 September 2020 | - |
| 10. | TANGIBLE FIXED ASSETS |
| Group |
| Freehold | Short | Long |
| property | leasehold | leasehold |
| £ | £ | £ |
| COST |
| At 1 October 2020 | 320,000 | 30,000 | 84,797 |
| Additions | - | - | - |
| Disposals | - | - | - |
| At 30 September 2021 | 320,000 | 30,000 | 84,797 |
| DEPRECIATION |
| At 1 October 2020 | 20,000 | 30,000 | 23,526 |
| Charge for year | - | - | 8,480 |
| Eliminated on disposal | - | - | - |
| At 30 September 2021 | 20,000 | 30,000 | 32,006 |
| NET BOOK VALUE |
| At 30 September 2021 | 300,000 | - | 52,791 |
| At 30 September 2020 | 300,000 | - | 61,271 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2021 |
| 10. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 October 2020 | 510,548 | 59,580 | 1,004,925 |
| Additions | 40,550 | 3,991 | 44,541 |
| Disposals | (127,986 | ) | - | (127,986 | ) |
| At 30 September 2021 | 423,112 | 63,571 | 921,480 |
| DEPRECIATION |
| At 1 October 2020 | 295,126 | 25,644 | 394,296 |
| Charge for year | 105,819 | 15,563 | 129,862 |
| Eliminated on disposal | (126,286 | ) | - | (126,286 | ) |
| At 30 September 2021 | 274,659 | 41,207 | 397,872 |
| NET BOOK VALUE |
| At 30 September 2021 | 148,453 | 22,364 | 523,608 |
| At 30 September 2020 | 215,422 | 33,936 | 610,629 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| At 1 October 2020 | 307,430 |
| Additions | 24,000 |
| Disposals | (127,986 | ) |
| At 30 September 2021 | 203,444 |
| DEPRECIATION |
| At 1 October 2020 | 209,723 |
| Charge for year | 57,231 |
| Eliminated on disposal | (126,286 | ) |
| At 30 September 2021 | 140,668 |
| NET BOOK VALUE |
| At 30 September 2021 | 62,776 |
| At 30 September 2020 | 97,707 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2021 |
| 10. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Freehold | Motor |
| property | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 October 2020 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 September 2021 |
| DEPRECIATION |
| At 1 October 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 September 2021 |
| NET BOOK VALUE |
| At 30 September 2021 |
| At 30 September 2020 |
| Included in cost of land and buildings is freehold land of £ 300,000 (2020 - £ 300,000 ) which is not depreciated. |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| At 1 October 2020 |
| Additions |
| Disposals | ( |
) |
| At 30 September 2021 |
| DEPRECIATION |
| At 1 October 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 30 September 2021 |
| NET BOOK VALUE |
| At 30 September 2021 |
| At 30 September 2020 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2021 |
| 11. | FIXED ASSET INVESTMENTS |
| Group |
| Interest |
| in |
| associate |
| £ |
| COST |
| At 1 October 2020 | 194,269 |
| Additions | 74,166 |
| At 30 September 2021 | 268,435 |
| NET BOOK VALUE |
| At 30 September 2021 | 268,435 |
| At 30 September 2020 | 194,269 |
| Company |
| Unlisted |
| investments |
| £ |
| COST |
| At 1 October 2020 |
| and 30 September 2021 |
| NET BOOK VALUE |
| At 30 September 2021 |
| At 30 September 2020 |
| The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: Redcliff Court, Redcliff Road, Hessle, HU13 0EY |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2021 | 2020 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2021 |
| 11. | FIXED ASSET INVESTMENTS - continued |
| Registered office: Redcliff Court, Redcliff Road, Hessle, HU13 0EY |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2021 | 2020 |
| £ | £ |
| Aggregate capital and reserves |
| 12. | INVESTMENT PROPERTY |
| Group |
| Total |
| £ |
| FAIR VALUE |
| At 1 October 2020 |
| and 30 September 2021 | 1,436,556 |
| NET BOOK VALUE |
| At 30 September 2021 | 1,436,556 |
| At 30 September 2020 | 1,436,556 |
| Fair value at 30 September 2021 is represented by: |
| £ |
| Valuation in 2017 | 29,439 |
| Cost | 1,407,117 |
| 1,436,556 |
| Company |
| Total |
| £ |
| FAIR VALUE |
| At 1 October 2020 |
| and 30 September 2021 |
| NET BOOK VALUE |
| At 30 September 2021 |
| At 30 September 2020 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2021 |
| 12. | INVESTMENT PROPERTY - continued |
| Company |
| The main Investment property has been valued by Garness Jones chartered surveyors on 5th September 2018, who are local professional valuers, this value was reassessed by the same chartered surveyors at the year end, in which they deemed there had been no change in valuation. Other investment properties were valued by Symonds & Greenham estate agents, these still deemed to represent their fair value. These will be valued at each year end going forward. |
| Fair value at 30 September 2021 is represented by: |
| £ |
| Valuation in 2018 | 29,439 |
| Cost | 1,407,117 |
| 1,436,556 |
| 13. | STOCKS |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| £ | £ | £ | £ |
| Work-in-progress | 736,567 | 1,373,633 |
| 14. | DEBTORS |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| £ | £ | £ | £ |
| Amounts falling due within one year: |
| Trade debtors | 1,474,767 | 3,595,349 |
| Other debtors | 58,645 | 10,739 |
| Directors' current accounts | 837,493 | - | 837,947 | - |
| Sundry debtors | 291,365 | 9,083 |
| Prepayments | 184,694 | 124,833 |
| Debtors recoverable on contract | 4,649,727 | 3,316,978 | - | - |
| 7,496,691 | 7,056,982 |
| Amounts falling due after more than one year: |
| Amounts owed by group undertakings | 55 | - |
| Amounts owed by participating interests | 780,504 | 830,254 | 780,504 | 830,254 |
| 780,559 | 830,254 |
| Aggregate amounts | 8,277,250 | 7,887,236 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2021 |
| 15. | CURRENT ASSET INVESTMENTS |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| £ | £ | £ | £ |
| Listed investments | 739,600 | 539,600 | 739,600 | 539,600 |
| Market value of listed investments at 30 September 2021 held by the group and the company - £ (739,600) (2020 - £ (539,600) ). |
| 16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| £ | £ | £ | £ |
| Hire purchase contracts (see note 18) | 29,274 | 50,314 |
| Trade creditors | 4,975,633 | 4,222,367 |
| Tax | 656,509 | 452,644 |
| Social security and other taxes | 84,699 | 63,931 |
| VAT | 970,219 | 210,847 | 1,434 | 5,757 |
| Other creditors | 80,179 | 26,179 |
| Directors' current accounts | 849 | 2,176 | - | 286 |
| Accrued expenses | 822,464 | 763,323 |
| 7,619,826 | 5,791,781 |
| 17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| £ | £ | £ | £ |
| Hire purchase contracts (see note 18) | 34,720 | 45,944 |
| Amounts owed to group undertakings | - | - | 555 | - |
| 34,720 | 45,944 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2021 |
| 18. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 2021 | 2020 |
| £ | £ |
| Net obligations repayable: |
| Within one year | 29,274 | 50,314 |
| Between one and five years | 34,720 | 45,944 |
| 63,994 | 96,258 |
| Company |
| Hire purchase contracts |
| 2021 | 2020 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| 19. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| £ | £ | £ | £ |
| Hire purchase contracts | 63,994 | 96,258 | 63,994 | 96,258 |
| 20. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| £ | £ | £ | £ |
| Deferred tax | 23,482 | 40,468 | 23,482 | 40,468 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2021 |
| 20. | PROVISIONS FOR LIABILITIES - continued |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 October 2020 | 40,468 |
| Movement in year | (16,986 | ) |
| Balance at 30 September 2021 | 23,482 |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1 October 2020 |
| Movement in year | (16,986 | ) |
| Balance at 30 September 2021 |
| 21. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2021 | 2020 |
| value: | £ | £ |
| Ordinary | £1 | 30,000 | 30,000 |
| 22. | RESERVES |
| Group |
| Fair |
| Retained | Revaluation | value |
| earnings | reserve | reserve | Totals |
| £ | £ | £ | £ |
| At 1 October 2020 | 11,383,255 | 551,099 | 29,439 | 11,963,793 |
| Profit for the year | 2,630,743 | 2,630,743 |
| At 30 September 2021 | 14,013,998 | 551,099 | 29,439 | 14,594,536 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2021 |
| 22. | RESERVES - continued |
| Company |
| Fair |
| Retained | Revaluation | value |
| earnings | reserve | reserve | Totals |
| £ | £ | £ | £ |
| At 1 October 2020 | 9,295,653 |
| Profit for the year |
| At 30 September 2021 | 10,804,651 |
| 23. | NON-CONTROLLING INTERESTS |
| The minority interests of the group have been calculated using the equity method of accounting for the financial year. |
| 24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| At the balance sheet date Mr C R Reynolds owed the company £837,947 (owed 2020: £286) by way of an interest free loan repayable on demand. S455 tax has been charged on this balance. |
| 25. | RELATED PARTY DISCLOSURES |
| C.R. Reynolds Limited is a 90% subsidiary of Reynolds 2000 Limited. The company number is 01772107, it is a company registered in England and Wales. |
| During the year C.R. Reynolds Limited traded with Reynolds 2000 Limited, the amount of sales being £215,190 (2020: £227,224) all made on a normal commercial basis. |
| At the balance sheet date there was a trade debtor balance with C R. Reynolds Limited of £84,253 (2020: £178,819) and owed a trade creditor balance of £610 (2020: £3,453). These are intercompany balances repayable on demand. |
| Melton Industrial Park Limited is a 50% associated company of Reynolds 2000 Limited. The company number is 06905331, it is a company registered in England and Wales. At the balance sheet date Reynolds 2000 Limited was owed £80,179 (2020: £26,179) from Melton Industrial Park Limited, a company registered in England and Wales. Mr C R Reynolds is also a director of this company. |
| Reynolds 2000 (Properties) LLP is a limited liability partnership in which Reynolds 2000 Limited is a member. As at the balance sheet date Reynolds 2000 (Properties) LLP owed Reynolds 2000 Limited £307,867 (2020: £307,845). |
| Pandora Properties Plymouth LLP is a limited liability partnership in which Reynolds 2000 Limited is a member. As at the balance sheet date Pandora Properties Plymouth LLP owed Reynolds 2000 Limited £340,975 (2020: £340,848). |
| CR Homes & Maintenance LLP is a limited liability partnership in which Reynolds 2000 Limited is a member. As at the balance sheet date CR Homes & Maintenance LLP owed Reynolds 2000 Limited £131,662 (2020: £181,561). |